Gulf economies to shrink despite higher oil prices as Iran war takes toll, World Bank says

AI Summary

The World Bank says Gulf economies are expected to contract despite higher oil prices as the Iran war disrupts energy exports and aviation. The impact is also reaching Europe, where buyers are seeking replacements for missing gas supplies.

The Iran war has hit two mainstays of Gulf business: energy exports and aviation. The disruption extends to Europe, where buyers have had to replace missing gas supplies.